Market News

The US property and casualty industry recorded a $3.8 billion underwriting gain in the first half of 2024, a major improvement from the $24 billion loss in 2023. Improved personal lines performance and a rise in investment income drove net income to $97.6 billion from $9.4 billion last year. Read More

Generative artificial intelligence (AI) in insurance, valued at $761.4M in 2022, is expected to grow to $14.4B by 2032. Key growth drivers include enhanced risk assessment, automated underwriting, and improved customer service. AI technologies like GANs and diffusion networks are revolutionizing the industry with more efficient and personalized services. Read More

The global reinsurance market in 2024 is seeing strong profitability and rising capital, projected to grow into 2025. Guy Carpenter forecasts a 9 percent capital increase and highlights an active trading environment, orderly renewals, and significant catastrophe bond activity, with continued market engagement expected. Read More

Due to rising claims and legal risks, the Nonprofits Insurance Alliance will nonrenew liability coverages for California foster family agencies (FFAs). Despite a revised bill providing temporary relief, the insurer cites foster care system flaws and legal pressures as unsustainable, leaving FFAs facing higher costs and limited coverage options. Read More

Insurance mergers and acquisitions (M&A) activity hit a decade-low in 2023, with geopolitical and macroeconomic factors driving declines across all regions. However, Europe is expected to lead a rebound in 2024. Insurers are increasingly exploring digital assets and political risk coverage as growth alternatives in a volatile global market. Read More